Japanese investment major SoftBank, which has not been striking any funding deals in India lately and is drawing up to offload stakes in bourse-bound Ola Electric and FirstCry, still holds shares of $1.1-1.2 Bn in its listed portfolio companies here.

As per ET’s report, Softbank has sold stakes worth $1.8-1.9 Bn during the public offerings and through post-listing sales in four Indian startups — Paytm, Zomato, PB Fintech and Delhivery — that went public in 2021 and 2022. It had invested a total of $2.3-2.4 Bn in these four new-age companies.

Among the four listed companies, Paytm is proving to be a drag on SoftBank’s investments in India. In July, SoftBank offloaded over 2% stake in Paytm’s parent entity One97 Communications worth about $300 Mn. Earlier in May, SoftBank offloaded over a 2% stake in the company.

In December, SoftBank offloaded 2.53% of its stake in Gurugram-based parent of Policybazaar PB Fintech, through multiple block deals, amounting to a cumulative INR 913.7 Cr ($109 Mn).

Following the transaction involving 1.14 Cr shares, SoftBank now holds 83.23 Lakh shares in PB Fintech.

On December 8, SoftBank offloaded 9.35 Cr ($1.1Mn) shares of foodtech giant Zomato in an INR 1,127 Cr block deal. 

On November 17, approximately 1.8 Cr shares, constituting 2.51% of equity in Gurugram-based logistics firm Delhivery, were exchanged in a deal valued at INR 747 Cr ($89.6 Mn), with each share priced at INR 403.51.

SoftBank’s approach to reduce its holdings through secondary sales, while staying away from new investments is in line with most growth and late-stage investors who have slowed down on investments over the last 15-18 months. 

Having funded nearly a fifth of India’s 100+ unicorns (startups with valuations exceeding $1 Bn), SoftBank has invested a total of $15 Bn in the country. The SoftBank Vision Fund accounts for $11 Bn of this investment, with the remaining $4 Bn allocated to sectors like renewable energy and infrastructure.

SoftBank is the largest institutional shareholder of Ola Electric and FirstCry. Both the companies have filed draft papers for their initial public offerings last month.

As per ET, while Ola Electric is looking for a $7-8 Bn valuation in its public offering, FirstCry is estimated to be valued at around $4 Bn. At these valuations, SoftBank is expected to sell stakes worth approximately $180 Mn in FirstCry and $45-50 Mn in Ola Electric.

In Ola Electric, SoftBank will be selling 23.8 Mn shares, representing a 0.65% stake, while in FirstCry, it is planning to offload 20.3 Mn shares, or a ~4.5% stake, as per their draft IPO documents. After the IPO, it would still hold stakes worth an estimated $840-850 Mn in FirstCry and $1.4-1.6 Bn in Ola Electric, at IPO valuations.

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Three spacetech startups Dhruva Space, Bellatrix Aerospace and TM2Space are reportedly set to launch their payloads aboard Indian Space Research Organisation’s (ISRO) upcoming Polar Satellite Launch Vehicle (PSLV) – C58 XPoSat Mission next Monday.

These payloads are destined for the PSLV Orbital Experimental Module (POEM-3) on the launch vehicle, scheduled to lift off from Sriharikota in Andhra Pradesh at 9:10 AM, as per Moneycontrol’s report.

Hyderabad-based Dhruva Space plans to launch its LEAPTD (Launching Expeditions for Aspiring Technologies Technology Demonstrator) to showcase microsatellite subsystems. Meanwhile, Bengaluru-based Bellatrix Aerospace will deploy two payloads, which include Rudra 0.3 HPGP, a green monopropellant thruster crucial for maintaining satellite orbit throughout their lifespan of 10-15 years, and ARKA 200.

In a previous collaboration in April 2023, Bellatrix and Dhruva Space shared space in the POEM module of PSLV-C55 to launch their individual payloads. Besides, Bengaluru-based TakeMe2Space (TM2Space) will launch Radiation Shielding Experiments Module to assess the effectiveness of tantalum coating. 

India made history in 2022 with its inaugural private rocket launch by Skyroot and numerous satellite launches, garnering global attention.

In October, Skyroot Aerospace unveiled its indigenously built rocket Vikram-I at its new headquarters. 

In the spacetech sector, we have witnessed a significant increase in the number of Indian startups, rising from just one in 2014 to 189 in 2023.

According to Inc42’s Indian Spacetech Startup Landscape & Market Opportunity Report 2023, the spacetech sector is estimated to reach a market size of $77 Bn by 2030. 

Earlier this year, Skyroot secured INR 225 Cr (approximately $27.5 Mn) in a Pre-Series C funding round led by Temasek to drive the next phase of growth through increased investments in infrastructure, reinforcement of its technology leadership, attraction of top-tier talent, and the enhancement of its launch frequency and capabilities

Another spacetech startup Agnikul, which owns the first private launchpad within the ISRO campus, secured INR 200 Cr ($26.7 Mn) in October to accelerate the commercialisation of its existing technologies.

The post Shooting For The Sky: Three Spacetech Startups To Launch Payloads Aboard ISRO’s C58 XPoSat Mission appeared first on Inc42 Media.

Electric vehicle (EV) manufacturing giant Tesla is likely to enter India with its manufacturing plant in Gujarat next year, as per multiple media reports.

The EV maker’s negotiation for the establishment of its first manufacturing unit in India is in the final stage and is likely to conclude soon.

Meanwhile, as per a report by Ahmedabad Mirror, the announcement regarding Tesla’s manufacturing unit in the state is anticipated to be made during the forthcoming Vibrant Gujarat Summit scheduled for next month.

Gujarat is already home to manufacturing units of automakers like Maruti Suzuki, etc and it is anticipated that for Tesla’s manufacturing plant possible location could be Sanand, Becharaji and Dholera.

However, so far, there has been no official announcement by the EV maker or the state government on the matter. 

During a recent Cabinet briefing, Gujarat Health Minister Rushikesh Patel expressed optimism about Elon Musk’s investment in Gujarat. 

He highlighted the state’s awareness and alignment with Tesla’s overarching goals, drawing a parallel during the address.

Patel also emphasised that the government is actively in talks with the EV maker to finalise the deal on establishing the manufacturing plant in Gujarat.  

Media reports also suggest that Gujarat has become a prime choice for Tesla’s manufacturing plant, not only due to favourable state policies but also its proximity to ports, facilitating product exports. The strategic location, particularly in Sanand, offers a short distance to the Kandla-Mundra port in Gujarat, enhancing Tesla’s export capabilities from India.

The vibrant Gujarat Global Summit was conceptualised in 2003. The tenth edition of the Vibrant Gujarat Summit will celebrate “20 years of Vibrant Gujarat as the Summit of Success”. The summit is dedicated to business networking, knowledge sharing, and fostering strategic partnerships for inclusive growth and sustainable development.

In August, Union Minister of Commerce and Industry, Piyush Goyal, reportedly met with senior Tesla executives in a closed-door meeting to discuss the carmaker’s plans to establish a manufacturing plant in the country.

Earlier, Tesla expressed interest in building a factory in India that would produce a low-cost electric vehicle (EV) priced at around $24,000 (INR 19.87 Lakhs), around 25% cheaper than Tesla’s current entry model for both the Indian market and export.

Tesla is working overtime on its plans to enter India, with multiple meetings taking place between the government and the carmaker’s executives since mid-May. Earlier, it was also reported that the carmaker has leased office space in Pune.

Tesla has leased an office spread over a 5,850 sq ft. area on the first floor of Panchsil Business Park in Viman Nagar, Pune.

Tesla also wants to bring some of its Chinese vendors to India but has been asked by Indian officials to copy Apple’s playbook in the country and ask its Chinese suppliers to set up joint ventures with Indian partners to get clearance.

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After the global economic slowdown and high-interest rates brought an abrupt end to the initial public offering (IPO) party in 2022, the year 2023 saw some signs of revival in the public markets globally.

In India, the IPO landscape was abuzz with activities, especially in the second half of 2023, on the back of strong economic growth and positive domestic and foreign investor sentiments. Overall, the number of IPOs crossed the 100 mark by the start of December this year.

In line with this, new-age tech IPOs, too, picked up pace on the Indian stock exchanges. A total of five Indian new-age tech companies went public in 2023 as against a mere three in 2022.

The five new-age tech companies – ideaForge, Mamaearth, Yatra, Zaggle, and Yudiz – collectively raised over INR 3,600 Cr this year through their IPOs. 

Experts believe that 2024 will see even more Indian companies taking the IPO route given that the benchmark indices, Sensex and Nifty50, are hovering around their all-time high levels. This is also expected to result in a surge in IPOs of new-age tech startups.

While the likes of Ola Electric, GoDigit, FirstCry and OYO have filed their draft red herring prospectus (DRHPs) with the Securities and Exchange Board of India (SEBI), others like Swiggy, PayU, and Garuda Aerospace are also eyeing public listings next year.

Then, there are also not-so-prominent names like Travel Boutique Online and agri-drone company AITMC Ventures, which filed their draft documents this year and are likely to launch their IPOs next year.

In addition, Mobikwik, Capillary Technologies and ixigo, which earlier postponed their plans of public listing due to adverse market conditions, may also decide to go public, considering the improvement in investor sentiment.

Considering the aforementioned factors, Inc42 expects at least 12 new-age tech startups to go public in 2024. With that said, here are the new-age tech companies that are likely to go public next year.

12 Startups Likely To Go Public In 2024

Awfis To Be India’s First Publicly Listed Coworking Startup 

Chennai-based coworking space provider Awfis Space Solutions is set to launch its IPO in 2024 following its filing of its DRHP at the fag end of December.

As per the DRHP, the IPO comprises a fresh issue of INR 160 Cr and an offer-for-sale component of up to 1 Cr shares. With this, Awfis is set to become the first Indian coworking startup to go public. 

The OFS component will comprise share sale of up to 5.01 Mn equity shares by Peak XV, up to 4.94 equity shares by Bisque Limited, and up to 75,174 equity shares by Link Investment Trust.

The startup plans to allocate INR 52.5 Cr from the net proceeds to establish new coworking setups. It aims to launch 15 new centres under the ‘Awfis’ format in FY25. These will span across Mumbai, Bengaluru, Delhi NCR, Hyderabad, Pune, Chennai, Kolkata, Ahmedabad, Lucknow, Bhubaneswar, and Jaipur. 

The remaining net proceeds, amounting to INR 68 Cr, will be utilised as working capital.

Founded in 2015 by Amit Ramani, Awfis has evolved from a coworking network to a tech-enabled workspace solutions platform, catering to freelancers, startups, SMEs, large corporates, and MNCs.

Having secured $90 Mn from investors, Awfis completed its last funding round in May 2020.

The startup competes with the likes of WeWork, Smartworks, BHIVE, 91Springboard, OYO’s Innov8and Tablespace. 

Awfis reported revenue of INR 545.28 Cr in FY23, compared to INR 257.05 Cr a year ago. Its net loss declined slightly to INR 46.64 Cr in FY23. In the first three months of FY24, the coworking space provider reported an operating revenue of INR 187.7 Cr, while its loss stood at INR 8.56 Cr.

FirstCry Wants To Be The Second New-Age Ecommerce Major To Go Public

FirstCry filed its DRHP with the market regulator SEBI in the last week of December. The Supam Maheshwari-led ecommerce unicorn is looking to raise INR 1,816 Cr through fresh issue of shares. With this, the startup is on track to become the second new-age vertical ecommerce major to go public after Nykaa.

The public issue also includes an OFS component of up to 5.4 Cr equity shares. Japan’s SoftBank, which owns over 25% stake in the startup, will offload 2 Cr shares, whereas Premji Invest will sell 86 Lakh shares during the OFS. Founder Supam Maheshwari will also sell some shares in the IPO.

The startup plans to use the net proceeds from the IPO for setting up new modern stores and warehouses, as well as lease payments for existing modern stores in India, totaling INR 648 Cr. 

Additionally, it aims to use INR 155.6 Cr for investment in its subsidiary FirstCry Trading for overseas expansion in Saudi Arabia. It will also utilise INR 170.5 Cr from the IPO proceeds for investment in subsidiary Globalbees Brands to acquire an additional stake in indirect subsidiaries. 

While INR 100 Cr will be used for sales and marketing initiatives, INR 57.6 Cr will be utilised for technology and data science costs. The remainder amount is intended to be used for funding inorganic growth through acquisitions, other strategic initiatives, and general corporate purposes.

Founded in 2010 by Maheshwari and Amitava Saha, FirstCry is an omnichannel baby and kids marketplace, providing various categories of products from clothing to essentials.

The startup entered the unicorn club in 2020 after raising $296 Mn from SoftBank’s Vision Fund. 

It posted a consolidated net loss of INR 486 Cr in the fiscal year 2022-23 (FY23), a rise of 518% from INR 78.6 Cr in the preceding fiscal year.

Garuda Aerospace Expedites Listing Plans 

Chennai-based drone startup Garuda Aerospace, which recently raised INR 25 Cr (about $3 Mn) in a bridge funding round led by Venture Catalysts and WeFounderCircle, is eyeing a listing around mid-2024.

In an interaction with Inc42 earlier this year, founder and CEO Agnishwar Jayaprakash revealed his IPO plans, expressing the hope to initiate proceedings post-March 31, 2024. However, the startup seems to have expedited its public listing plans since then.

Founded in 2015 by Jayaprakash, Garuda manufactures and sells drones, and offers drone-as-a-service (DaaS) solutions to sectors like agriculture, defence, mining, mapping, and warehouse management.

Earlier Jayaprakash stated, “We don’t want to be a startup with an inflated valuation because then it becomes difficult to maintain that and you just keep slipping. I want to climb the mountain. I feel that adding value and making a profitable business automatically will appeal to retail investors.”

Meanwhile, the Indian government is aiming to make India the drone hub of the world by 2030 and has implemented several reforms to foster the growth of drone manufacturing and usage within the nation. Consequently, two drone startups, DroneAcharya and ideaForge, have listed on the stock exchanges since 2022.

Currently valued at $250 Mn, Garuda Aerospace is looking to close FY23 with a revenue of INR 100 Cr. Speaking with Inc42, Jayaprakash had earlier said that the drone startup was eyeing a revenue of INR 1,000 Cr in FY24.

Go Digit Refiles IPO Papers

Even after refiling its DRHP, Insurtech major Go Digit General Insurance has yet to receive the final approval for its $440 Mn IPO.

The Bengaluru-based startup, which first filed its DRHP in August last year, refiled the IPO papers in March this year to address the concerns raised by SEBI about its employee stock appreciation plans. 

Go Digit’s IPO comprises a fresh issue of shares worth INR 1,250 Cr and an offer for sale (OFS) of 109.45 Mn shares. The startup plans to deploy the proceeds to expand operations and increase its capital base. 

After filing its first DRHP with the SEBI, the startup also received the IRDAI’s approval to launch the IPO in November, but the market regulator kept the IPO in ‘abeyance’.

In its new addendum of the draft prospectus, Go Digit General Insurance disclosed that it had received a show cause notice and multiple advisories from the insurance regulator. 

Founded in 2017 by Kamesh Goyal, Go Digit offers insurance policies across verticals, including motor vehicle, health, travel, and property. Besides Prem Watsa’s Fairfax, the startup is also backed by prominent names such as Sequoia, cricketer Virat Kohli and actor Anushka Sharma. 

In FY22, its loss widened 141% year-on-year (YoY) to INR 295.8 Cr. However, its operating revenue stood at INR 5,267.6 Cr in FY22 as against INR 3,243.4 Cr in the previous fiscal year.

Mobikwik Presses The IPO Restart Button 

One Mobikwik Systems Ltd, the parent company of fintech unicorn Mobikwik, has restarted preparations for its $84 Mn (around 700 Cr) IPO.

According to a report, Mobikwik is working with DAM Capital Advisors Ltd and SBI Capital Markets Ltd to get listed.

The company is looking to go public next year.

It is pertinent to note that MobiKwik filed DRHP for its IPO of around INR 1,900 Cr with SEBI in 2021 – a year marked by numerous new-age tech companies going public. According to the draft documents, the IPO comprised an issue of new shares worth INR 1,500 Cr and an offer of sale (OFS) element of INR 400 Cr.

In the same year, the fintech major also bagged the SEBI nod for the IPO.

However, the company suspended the IPO process due to a downturn in the global equities market. In January 2022, the startup explicitly said that it would refrain from making a market debut until market conditions stabilised.

Meanwhile, Mobikwik claimed to have posted profit for the second consecutive quarter in Q2 FY24 with a PAT of INR 5 Cr.

Ola Electric Becomes First Indian EV Startup To File For IPO

Recently, Bhavish Aggarwal-led electric vehicle (EV) maker Ola Electric filed its DRHP with SEBI for an INR 5,500 Cr+ public listing. 

As per the DRHP, the Ola Electric IPO will comprise a fresh issue of INR 5,500 Cr. It will also have an offer for sale (ODS) component of up to 9.5 Cr shares. 

Cofounder and CEO Aggarwal and major investors, including SoftBank, Temasek, Tiger Global, Alpha Wave, Tekne Capital, and Matrix Partners, are set to participate in the OFS as Ola Electric prepares for its listing on the BSE and NSE. 

According to the DRHP, the funds from the fresh issue will be directed towards capital expenditure for the Ola Gigafactory project, research and product development, organic growth initiatives, and general corporate purposes. Additionally, the proceeds will be allocated for the repayment or prepayment of the debt.

As per the draft document, the OEM’s net loss surged 1.87X to INR 1,472 Cr in the fiscal year ending March 2023 from INR 784.1 Cr in FY22.

The company also disclosed that its Q1 FY24 loss stood at INR 267.1 Cr.

Founded by Ola Cabs cofounder Bhavish Aggarwal, Ola Electric is an electric vehicle manufacturer, which currently has a lineup of five scooters. 

At the end of October 2023, the company managed a comprehensive omnichannel distribution network, featuring 935 experience centres, which include 414 service centres.

In October this year, Ola Electric closed an INR 3,200 Cr ($384 Mn) funding round in a mix of equity and debt. While the equity part was led by Temasek, the debt part of the round was led by the State Bank of India.

OYO Slashes IPO Size To $400-$600 Mn

OYO filed its DRHP through a confidential pre-filing route and a reduced size in March this year, three months after SEBI directed the hospitality unicorn to refile its draft papers.

OYO initially filed its DRHP with the SEBI in 2021. At the time, it planned to raise INR 8,430 Cr ($1.2 Bn). However, the IPO size has now been scaled down to INR 3,286 Cr–INR 4,929 Cr ($400 Mn-$600 Mn). 

Founded in 2012 by Ritesh Agarwal, the SoftBank-backed startup’s operating revenue grew 14% to INR 5,463.9 Cr in FY23 from INR 4,781.3 Cr in the previous fiscal year. It mainly earns revenue from sales of accommodation services, commission from bookings, and subscriptions. 

Earlier this year, Agarwal told employees that the startup was on course to report its first ever profitable quarter in Q2 FY24, with a project profit of INR 16 Cr.

Lightbox-Backed PayMate To Refile DRHP With SEBI 

Even after SEBI asked Mumbai-based B2B payments solutions provider PayMate India to refile its DRHP, the startup has yet to do so.

PayMate first filed its DRHP for an INR 1,500 Cr IPO in May 2022. It did not proceed with its IPO plans due to uncertain market conditions.  

As per the IPO prospectus, Ajay Adiseshann, the founder of PayMate intended to sell a significant portion of his stake worth INR 134.73 Cr. 

Founded in 2006 by Adiseshan, PayMate counts Visa, Lightbox and Recruit Strategic Partners as its investors. 

PayMate’s consolidated net loss stood at INR 55.7 Cr in FY23, down a marginal 3.5% YoY. Its operating revenue rose 11.7% YoY to INR 1,350.1 Cr in FY23.

PayU India Eyes $500 Mn IPO

Prosus-backed fintech giant PayU India is looking to file its draft red herring prospectus (DRHP) with the market regulator in February for an IPO of at least $500 Mn. The IPO will likely value the company between $5 and $7 Bn.

The company is said to be aiming to go public by the end of 2024. It has enlisted Goldman Sachs, Morgan Stanley and Bank of America as IPO advisors. Further, it plans to involve at least one Indian investment bank in the transaction. 

PayU claims to serve more than 4.5 Lakh merchants, over 70 large banks via Wibmo, and 2 Mn+ customers with credit facilities in India.

PayU India enables businesses to collect payments through over 150 modes, including debit cards, credit cards, net banking, BNPL, QR, UPI, EMIs, and wallets. It competes with Razorpay and Cashfree in India.

Its revenue surged 21% YoY to $497 Mn in the first half of FY24 from $412 Mn in H1 FY23, Prosus revealed in its half-yearly financial report.

Portea Medical Gets SEBI Nod For INR 1,000 Cr IPO

Earlier this year, Healthvista India, the parent company of the healthtech startup Portea Medical, received approval from SEBI for its IPO.

Portea filed its draft papers with the market regulator in July 2022, along with an addendum to its draft red herring prospectus (DRHP) on March 10, 2023.

The IPO will comprise a fresh issue of equity shares worth INR 200 Cr and an offer for sale (OFS) of up to 5.62 Cr shares worth INR 800 Cr.

The OFS will see Accel sell up to 2.48 Cr shares that it holds across Accel Growth III Holdings (Mauritius) Limited, Accel India III (Mauritius) Limited and Accel India V (Mauritius) Limited. Ventureast Life Fund III will sell up to 42.78 Lakh shares, and MEMG CDC Ventures will sell up to 44.45 Lakh equity shares.

Qualcomm Asia Pacific will be selling up to 42.56 Lakh equity shares and Sabre Partners Trust will offload up to 39.84 Lakh equity shares in the OFS.

Healthvista India plans to use the incoming funds for its subsidiary’s working capital requirements, debt repayment, medical equipment purchase, inorganic growth, marketing, and general corporate needs.

Founded in 2013 by Krishnan Ganesh and his wife Meena, Portea offers healthcare services,  which include maternal care, physiotherapy, nursing, lab tests, counselling, and critical care.

Portea is currently operational in 16 cities across India. In FY22, the healthtech startup posted a net standalone loss of INR 53.82 Cr against revenues of INR 96.37 Cr.

Swiggy Set To Float The Biggest Startup IPO Of 2024 

In what is being called the biggest IPO by an internet company next year, food delivery giant Swiggy will likely list on the stock exchanges in mid-2024 with an issue size of $1 Bn (INR 8,300 Cr).

As per market analysts, one of the major things to watch out for will be Swiggy’s valuation, which has seen various markdowns and markups. 

Swiggy initiated IPO preparations last year, initially eyeing a 2023 listing. However, global tech startup valuations experienced a sharp decline, causing Swiggy to temporarily defer its plans.

Founded in 2014 by Sriharsha Majety, Nandan Reddy, Phani Kishan Addepalli, and Rahul Jaimini, Swiggy has raised $3.6 Bn to date.

Swiggy’s net loss jumped 2.2X to INR 3,628.9 Cr in FY22 from INR 1,616.9 Cr in FY21 on the back of a sharp rise in expenses.

Unicommerce Sets Sight On A 2024 Listing

Unicommerce eSolutions Pvt Ltd, which offers a software-as-a-service (SaaS)-based order management and fulfilment platform to ecommerce and retail businesses, is expected to make a public listing late next year. The cofounder of Snapdeal, Kunal Bahl, mentioned about the Unicommerce IPO in an X post on November 7.

The startup enables end-to-end management of ecommerce operations for D2C brands, retail companies, and other online sellers through its comprehensive suite of SaaS-based technology products.

Unicommerce’s platform keeps track of stocks across multiple warehouses, keeps inventory information updated across multiple sales channels (both offline & online) and automates order pickups to support faster and more accurate deliveries.

Unicommerce’s operating revenue zoomed 52% to INR 90 Cr in FY23 from INR 59 Cr in FY22 due to a strong demand for its services.

Snapdeal acquired Unicommerce in 2015. Established in 2012  by IIT Delhi alumni — Ankit Pruthi, Karun Singla, and Vibhu Garg — the founders exited the company within two years.

[Edited by Vinaykumar Rai]

The post Spring Time On D-Street: Meet The 12 Startups Likely To Go Public In 2024 appeared first on Inc42 Media.

Consumer-focused fund Sixth Sense Ventures, which has backed companies like Bira91, Vahdam and Veeba Foods among others, has invested INR 100 Cr (around $12 Mn) in Indore-based spices brand Pushp.

Sixth Sense Ventures founder and CEO Nikhil Vora told ET that through this deal the VC firm has also bought a stake in Pushp from its initial institutional investor A91 Partners.

A91 Partners, an investment firm floated by former Sequoia India executives Abhay Pandey, VT Bharadwaj and Gautam Mago, acquired a 25% stake in Pushp for INR 125 Cr in 2020. 

Pushp is known for processing and blending spices like chilli, turmeric and coriander. 

Founded by industry veterans, Mahendra and Surendra Surana, Pushp has strategically invested in distribution and branding efforts, extending its reach beyond Madhya Pradesh to states like Maharashtra, Rajasthan, Uttar Pradesh, Bihar, and Gujarat. With a consistent revenue growth of 25% CAGR over the last five years, Pushp plans to evolve from a regional leader to a significant national brand.

The company aims to expand its national footprint in the INR 90,000-Cr market. Of this, the branded spices market is estimated to be around INR 25,000 Cr.

Over the last 12-15 months, FMCG companies such as Dabur, Wipro Consumer Care, Tata Consumer, and Emami Agrotech have either entered or strengthened their presence in this segment.

Other legacy players in the spices market include Everest Food Products and MDH.

“One key thing that I’ve seen in the consumer market is that incrementally a lot of disruptors are emerging from regional powerhouses,” Vora said. 

According to a regulatory filing by Tofler, Pushp recorded a 20% year-on-year (YoY) growth in its FY23 operating revenue to INR 338 Cr, while its profit declined from over INR 16 Cr to nearly INR 10 Cr due to rising raw material prices. 

“With a consistent revenue growth of 25% CAGR (compound annual growth rate) over the last five years, Pushp is evolving from a regional leader to a significant national brand,” the company said in a statement.

The funding coincides with the government’s push to explore new spice markets, strengthen existing ones, and promote value-added products to elevate spice exports from the current $4 Bn to $10 Bn by 2030. 

India, the world’s largest spice producer, commands a 70% share in global spice production. The global spices and seasonings market is projected to grow at a CAGR of 5.7%, reaching $35.1 Bn by 2028, according to a report by IMARC Group.

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Taiwanese electronics manufacturing services major Foxconn has injected $55.29 Mn (around INR 461 Cr) into its India’s Bengaluru unit Foxconn Precision Engineering Private Limited, as per a regulatory filing.

This investment was facilitated through Foxconn’s Singapore-based subsidiary, Foxconn Singapore Pte Limited. 

As per the filing accessed by PTI, Foxconn Singapore acquired approximately 46,08,76,736 shares at INR 10 each, totalling around $55.29 Mn (INR 460.87 Cr). Foxconn Precision Engineering was incorporated around six months ago.

To ramp up iPhone manufacturing across India, Apple supplier Foxconn is planning to invest in Karnataka. 

In December, Foxconn was planning to invest an additional INR 13,911 Cr ($1.67 Bn) in Karnataka, to further support the expansion of iPhone manufacturing in India.

In July, Foxconn proposed a supplementary plant with an investment of INR 8,800 Cr in Devanahalli, spanning a 300-acre land in Doddaballapur and Devanahalli taluks.

Foxconn is also expected to start manufacturing iPhones in the state by April 2024, a project expected to create around 50,000 jobs.

The Taiwan-based company, responsible for assembling approximately 70% of iPhones and holding the title of the world’s largest contract manufacturer, is strategically shifting its production away from China due to disruptions caused by COVID-19 and geopolitical tensions. Over the past year, Foxconn has significantly expanded its footprint in India, making substantial investments in manufacturing facilities in the southern part of the country.

In September, the company announced plans to double its India employment, investment and business size in one year. 

The focus on India is not without reason. Its Indian arm clocked an annual turnover of $10 Bn at the end of the second quarter of 2023, the company said in August.

The post iPhone Maker Foxconn Infuses INR 461 Cr In Bengaluru Unit appeared first on Inc42 Media.

The central government has reportedly sought proposals from academic institutions and research organisations to build indigenously developed “tools and frameworks” that advocate for artificial intelligence’s fair and ethical advancement. 

These tools will address various themes, including machine unlearning, synthetic data generation, fairness tools, bias mitigating strategies and others, ET reported.

For instance, one of the tools focuses on machine unlearning, aiming to rectify inaccuracies, biases, and outdated information that may unintentionally become embedded in machine learning models.

“By facilitating the removal of undesirable learned behaviours, machine unlearning algorithms contribute to the development of more accurate, reliable, and fair AI systems across diverse domains,” the proposal document read as cited by ET.

The proposal also seeks the development of tools and frameworks for synthetic data generation, ensuring algorithmic fairness, mitigating bias, fostering ethical AI practices and conducting governance testing. The emphasis is on addressing data gaps, alleviating privacy concerns and promoting fair and inclusive representation.

Government-run institutions, including Indian Institute of Technology (IIT), National Institute of Technology (NIT) Indian Institutes of Information Technology (IIIT), along with R&D and private academic organisations possessing pre-existing lab infrastructure, workstations, servers and dedicated staff, are eligible to apply. 

However, these institutions must justify completing the project within the next two years and align it with the overarching objective of promoting fair and ethical AI utilisation. The deadline for submitting proposals to the Ministry of Electronics and Information Technology is January 12.

The development comes at a time when generative AI has taken the world by storm following the launch of ChatGPT. Over the last year or so, a number of Indian startups have also started leveraging the technology to improve their offerings and user experience.

Most recently, Ola boss Bhavish Aggarwal unveiled AI models of his new startup Krutrim AI. He called the startup’s offerings “India’s first full-stack AI”.

The Centre and state governments are also looking to use AI for various use cases. The Uttar Pradesh government is planning to build India’s first AI city in Lucknow to house and promote the AI ecosystem.

As per Inc42 data, India is home to more than 70 GenAI startups that have raised capital in excess of $440 Mn between 2019 and Q3 2023. The homegrown GenAI market is expected to grow to a market size of $17 Bn by 2030 from $1.1 Bn in 2023.

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Uttar Pradesh is planning to build India’s first AI city in Lucknow to house and promote the AI ecosystem.

UP Electronics Corporation Ltd, the nodal agency for the project, has released an expression of interest (EoI) seeking proposals for the design, development and operation of an AI City in Lucknow, as per Businessline.

The vision for this AI city is to become a dynamic hub where ideas thrive, incorporating cutting-edge technology, research centres, and educational institutions. The EoI invites real estate developers to participate in building and operating the AI city, to nurture the workforce of the future.

Lucknow is already host to Centers of Excellence specialising in fields such as AI and medtech, showcasing extensive integration of AI technologies. 

The AI Centre of Excellence at IIIT Lucknow plays a pivotal role in supporting over 15 AI/ML startups, contributing to the development of a vibrant culture of creativity and entrepreneurship.

According to a report by Grand View Research, the global AI market was valued at $137 Bn in 2022 and is expected to witness a compound annual growth rate of 37.3% from 2023 to 2030.

In addition, a report from Outlook emphasises that the envisioned AI City includes the construction of Grade-A certified commercial spaces for IT companies, a state-of-the-art data centre, Grade-A flexible workspaces, and tech labs.

The IT and Electronics Department has identified potential land parcels in key locations of Lucknow for the development of the AI City. The 40-acre land parcel in the Nadarganj industrial area holds strategic significance, being near key infrastructure, and offering connectivity to the Lucknow-Kanpur road and the Lucknow International Airport.

This development comes at a time when generative AI (Gen AI) has become a buzzword among Indian entrepreneurs. This has given rise to many new Indian startups in the segment.

As per Inc42 data, India is home to more than 70 GenAI startups that have raised capital in excess of $440 Mn between 2019 and Q3 2023. The homegrown GenAI market is expected to grow to a market size of $17 Bn by 2030 from $1.1 Bn in 2023.

Meanwhile, the government is also engaged in working on AI data and regulation.

The central government initiated the process of formulating regulations for AI to foster its growth, safeguard interests, and promote innovation in India, according to IT Secretary S Krishnan.

With AI taking centre stage globally, the government is increasing its focus on the segment. Recently, Minister of State (MoS) for Information Technology Rajeev Chandrasekhar said that the centre is planning to fund and support AI startups in the country.

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Chinese smartphone maker Infinix is weighing local manufacturing of laptops in India within a year for which it has been in talks with original design manufacturers.

The brand, which forayed into selling laptops in India in 2021, holds a 7-8% share on the ecommerce platform Flipkart. Currently, it imports all the laptops sold in the country, Mint reported.

“We’re evaluating going into production of laptops in India, and the other things we can do here. We’re talking to players for local production but the challenge is the ecosystem, which is essential,” Anish Kapoor, chief executive officer at Infinix India, told Mint.

Infinix is looking at a time frame of less than a year to begin production within the country to comply with the policy changes that will come into effect on laptop imports from next year.

As of November 1 this year, the government introduced an import management system allowing unrestricted import of IT hardware products like laptops, tablets, personal computers, servers, and ultra-small form factor devices for one year. 

After November 1, 2024, imports will gradually be restricted each year, determined by factors such as the previous year’s import amounts, local production, and quantities exported from India.

The Indian government has given the nod to 110 applications, including those from major hardware players like Dell, Apple, HP, Lenovo, IBM, Asus, Samsung, Xiaomi, Cisco Commerce India, Siemens, and Bosch, seeking authorisation to import laptops, computers, and other IT hardware products.

Earlier, the union government rescinded plans to impose a licensing regime on import of IT hardware products, including laptops and computers. Rather than opting for licensing mandates, the Centre then announced that authorities would regulate inbound shipments of such products through an ‘import management system,’ which came into effect on November 1.

The new import management system will enable the companies to bring shipments into the country through mere authorisation by detailing quantity and value. 

While the import restrictions will be imposed till 2030 and reviewed thereafter, the year-long period aims to give companies that do not make the products in India, an adequate time frame to create local manufacturing capacities.

Infinix is set to join overseas brands like HP and Dell in either enhancing their manufacturing capabilities or partnering with electronics manufacturing service (EMS) providers for local production.

India continues to heavily rely on foreign imports for computers and laptops, with a consistent influx of such products into the country. According to a Canalys report, vendors delivered over 3.9 Mn desktops, notebooks, and tablets to India from April to June 2023, reflecting a 15% year-on-year decline.

Infinix may benefit from the six-year PLI scheme for IT hardware products, which includes laptops. With an outlay of INR 17,000 Cr, the scheme aims to attract investments and generate direct employment for 75,000 people, expecting incremental production worth INR 3.35 Tn. Dixon Technologies’ subsidiary Padget Electronics and Optiemus Electronics are among the 32 approved applicants under the scheme.

Meanwhile, the brand, which is part of the Transsion Group reported significant growth in Q3 2023. According to IDC’s Worldwide Quarterly Mobile Phone Tracker, Infinix secured a position among the top 10 global smartphone brands by shipments. Infinix’s substantial year-on-year increase in units, reaching 4.2 Mn units showcased a growth of 74.8% compared to the same quarter last year. 

It operates in more than 70 global markets and is known for innovative technologies like the Ultra HD (4K/60FPS) front camera in the ZERO 30 5G and the GT 10 Pro, renowned for its cyberpunk style and high-quality gaming performance.

Infinix Mobility, founded in 2013,  designs, manufactures and markets smart devices globally under the Infinix brand.

The post Chinese Firm Infinix Looks To Manufacture Laptops In India appeared first on Inc42 Media.

Telecom minister Ashwini Vaishnaw has said over-the-top (OTT) players or applications won’t fall under the purview of the new telecom bill and will continue to be regulated by the Information Technology Act of 2000. 

This statement addresses concerns raised by certain app makers and activists that the broad definition of ‘telecommunications’ can be interpreted to cover any internet-based communication, as per a report by the Economic Times.

“OTT has been regulated by the IT Act of 2000 and continues to be regulated by the IT Act. There is no coverage of OTT in the new telecom bill passed by the Parliament,” Vaishnaw told ET.

The clarifications are issued in response to concerns raised by internet activists regarding the expansive definition of telecommunications in the Telecom Bill. This Bill, which was passed by both the Houses is currently awaiting presidential assent.

In a recent development, a coalition of 61 global digital companies and organisations, including Mozilla, Proton and Signal, has labelled the new Telecommunications Bill as a significant threat to democracy and the internet. Addressing Vaishnaw in a letter, the group has urged the Centre to promptly revoke the Telecom Bill.

Some lawyers had also argued that due to a general definition, it can’t be said with certainty that OTT players – especially those who provide communication services, such as WhatsApp (owned by Meta), Telegram and Signal – won’t be covered under the bill.

Not only this, the introduction of the proposed rules in Parliament raised alarms at Meta’s offices too. Shivnath Thukral, India policy head for the Mark Zuckerberg-led company, reportedly voiced internal concerns that the new Bill might encompass OTT communication apps. 

The clarification by the government will help settle the confusion around the issue, said a Meta spokesperson. 

“We welcome the clarification on the exclusion of OTTs from the telecom bill. We believe this will further boost the country’s digital ecosystem and the internet economy,” the spokesperson told ET.

Industry body Broadband India Forum (BIF), representing members like Amazon, Google, Meta, Netflix and OneWeb, emphasised that clear definitions of telecommunication services and the exclusion of OTTs from telecom regulations would accelerate internet/broadband penetration and significantly boost the growth of the digital economy.

In September, the Department of Telecommunications (DoT) decided not to classify OTT platforms as telecommunications services in the Telecom Bill. This decision exempted them from specific telecom regulations. The DoT’s shift in stance followed TRAI’s earlier recommendation to regulate OTT communication apps and consider selective bans on certain OTT services in a consultation paper.

The new Bill seeks to replace three current laws – the Indian Telegraph Act, 1885, the Indian Wireless Telegraphy Act, 1933 and the Telegraph Wires (Unlawful Possession) Act, 1950 – to bring regulation up to speed with technology.

The 2023 Telecommunication Bill is a big win for foreign players like Elon Musk’s Starlink and Amazon’s Kuiper, as it chooses to allocate satellite communication licenses administratively.  

The telecom sector in India is undergoing a remarkable transformation. As of July 2023, the country registered a subscriber base of 1.17 Bn, with a staggering 881.26 Mn internet subscribers, as per DoT.

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Cloud kitchen startup Kitchens@ has raised $65 Mn (INR 541 Cr) in its Series C funding from UK-based investment firm Finnest.

The startup will deploy the fresh funds to expand its hybrid model Dinerium. 

Dinerium, offering a blend of casual dining and brand indulgence, will be launched soon. With advanced booking and pre-ordering systems, it will streamline dining for minimal waiting.

Earlier this year, Kitchens@ acquired Swiggy Access Kitchen, expanding to six major cities and 45 locations, with a network of 700 kitchens.

Finnest, a BNP company, founded by Biswanath Patnaik and Arun Kar, has invested in various sectors such as renewable energy, EV-hydrogen automotive, sports and entertainment, smart cities, aerospace technologies, hotels and hospitality. 

“Anticipating a substantial business turnaround in the coming years, especially with strategic partnerships in place with major entities like Swiggy and Beenext,” said Patnaik. 

Junaiz Kizhakkayil (JK), founder & CEO of Kitchens@, elaborated on their restaurant roll-up plan, emphasising the wealth of brand equity present within the Indian market.

He said, “The establishment of these brands has been a laborious journey, with dedicated individuals investing their hard-earned resources, time, and unwavering commitment. Today, we witness several such brands with the potential not only to dominate the Indian market but also to make a significant impact on the global stage.”

Kitchens@ is currently operated and owned by Loyal Hospitality. It had raised $16.2 Mn in its Series B funding round in February of 2020. Later that year in May, the startup raised another $2.6 Mn in venture debt from Trifecta Capital.  

Founded in 2018 by Kizhakkayil, Bengaluru-based Kitchens@ began operations with initial seed capital from Zomato and then later bought back the shares from the delivery giant in 2019. 

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The Rajya Sabha on Thursday (December 21) approved the Telecommunications Bill 2023, which aims to overhaul and modernise the archaic Indian Telegraph Act of 1885 and related legislations.

The Upper House okayed the Bill a day after it was approved by the Lok Sabha. It will turn into an Act after the President’s assent.

Minister of Communications Ashwini Vaishnaw introduced the Bill on December 18.

“The Bill (seeks) to amend and consolidate the law relating to development, expansion and operation of telecommunication services and telecommunication networks; assignment of spectrum; and for connected matters,” Vaishnaw said while introducing it.

The Bill seeks to replace the decades-old and archaic Indian Telegraph Act, 1885, the Indian Wireless Telegraphy Act, 1933 and the Telegraph Wires (Unlawful Possession).

The significant highlight of the Bill is the exclusion of over-the-top (OTT) communication apps from its scope, with no mention of such platforms. This decision provides a significant relief to OTT communication apps, as earlier drafts of the bill had broadened the definition of telecommunications services to include OTT communication apps like Meta-owned WhatsApp, Signal, Skype, Telegram and others.

Nevertheless, concerns have been raised by various quarters due to the broad definitions of key terms such as ‘telecommunication’ and ‘messaging’. These concerns suggest that the government might still have the option to regulate OTTs and internet-based communication applications under the new telecom bill.

The 2023 Telecommunication Bill is a big win for foreign players like Elon Musk’s Starlink and Amazon’s Kuiper, as it chooses to allocate satellite communication licenses administratively.  

The telecom sector in India is undergoing a remarkable transformation. As of July 2023, the country registered a subscriber base of 1.17 Bn, with a staggering 881.26 Mn internet subscribers, as per DoT.

The post After Lok Sabha, Telecommunications Bill Passed In Upper House appeared first on Inc42 Media.

Robotics firm GreyOrange has raised $135 Mn (around INR 1,123 Cr), marking the first close of its Series D funding round led by Anthelion Capital (erstwhile Cowen Sustainable Investments), with participation from existing investors Mithril, 3State Ventures and Blume Ventures. 

The startup will deploy the fresh proceeds to scale up its technology leadership, expansion and bolster adoption of its fulfillment orchestration platform in warehouses, distribution centres and retail stores.

Founded by Akash Gupta and Samay Kohli in 2012, GreyOrange specialises in designing, manufacturing, and deploying AI-based robotic systems for automating routine tasks in warehouses and fulfilment centres for major ecommerce and retail companies. 

With manufacturing units in India, China, and the US, and research and development facilities in various countries, including India, the company claims to have played a crucial role in managing warehousing operations for Indian companies like Flipkart, Myntra, Pepperfry, Mahindra Tractors and others. 

“As we scale our technology and enhance customer experiences and operational efficiency, we recognise that keeping the needs of our customers at the centre of our product and solution roadmap has proven essential for our customer’s success, as well as our own,” said Gupta.

 “Not only has GreyOrange automated the movement of goods within the warehouse, but the company has also built a network that optimises how retailers move their goods across their entire supply chain,” said Vusal Najafov, cofounder of Anthelion Capital. 

GreyOrange’s latest funding round comes one year after the firm raised $110 Mn in growth financing.  A major portion of the infusion came from its existing investor Mithril Capital Management, along with new investors.

So far, the company has raised close to $425 Mn in total funding.

As per the 2023 Gartner Hype Cycle for Supply Chain Execution Technologies report, by 2027, more than 75% of companies are expected to integrate some form of cyber-physical automation into their warehouse operations.

The Gartner report notes that as more and more companies are stepping up to employ robotics, they will likely manage diverse robot fleets from different vendors. This calls for standardised software for seamless integration, efficient task assignment and communication with other automation types like door or elevator controls. 

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Fintech startup EnKash has received the final approval from the Reserve Bank of India (RBI) to operate as a payment aggregator under the brand name ‘Olympus’.

In a statement, EnKash said with the licence in place, it aims to further drive innovation in B2B payments.

The fintech startup had received the in-principle approval from the central bank for the payment aggregator licence in January this year.

The RBI introduced the payment aggregator framework in March 2020. Under the norms, all payment gateway operators need to obtain a licence to acquire merchants and deploy digital payments solutions.

Commenting on the final approval, EnKash cofounder Yadvendra Tyagi said, “We are thrilled to have received approval from the Reserve Bank of India, making us the first new applicant in the cohort. This affirms our unwavering commitment to maintaining regulatory standards and highlights the significance of our role in advancing the industry.”

Founded by Naveen Bindal, Hemant Vishnoi and Tyagi in 2017, EnKash operates a spend management platform that allows enterprises to manage payables, receivables and expenses. It claims to have issued over 8 Lakh corporate cards till now.

Since its inception, EnKash claims to have aided over 2,50,000 businesses in digitising and decentralising corporate payments. 

The startup last raised $20 Mn in April last year in its Series B round led by Ascent Capital. Overall, Enkash has raised a total funding of $23 Mn till date and counts the likes of MayField India, Baring India, and Axilor Ventures among its backers.

The latest development comes a day after it was reported that fintech startups Razorpay, Cashfree Payments, and neobank Open received final approval from the RBI to operate as payment aggregators.

As per the latest data, the central bank has so far granted in-principle authorisation to 37 existing payment aggregators, including  Zomato and Infibeam Avenues. Besides, it has granted the in-principle approval to around 24 payment aggregators and returned applications of over 60.

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In a first-of-its-kind initiative for India, tech giant Google has rolled out a host of artificial intelligence (AI)-powered features for maps, which include address descriptors, lens integration and live-view walking navigation.

These features were designed to offer a more tailored and localised map experience for Indian users, Google said in a statement.

“In India, Google Maps has mapped Mns of kilometres of roads and 300 Mn buildings, serving Mns of users with over 50 Mn daily searches. AI technology enhances commute decisions, providing traffic predictions for over 2.5 Bn kilometres of directions daily. Google Maps features information on 30 Mn businesses, fostering over 900 Mn monthly connections between consumers and businesses,” the statement added.

Let’s take a look at the new features: 

A Comprehensive Map Localised For The Needs Of Indian Users

In the past few years, Google Maps has focused on adding key places like worship centres, medical facilities, and government services to better serve Indian users. Address Descriptors, a new India-first innovation, enhances address understanding by automatically identifying up to five relevant landmarks and area names around a pinned location. This feature simplifies location sharing, making it easier for users to navigate unfamiliar areas. 

“We launched this capability earlier this year for developers in India on Google Maps Platform to help them benefit from more intuitive addressing solutions. We’re now expanding this to developers across over 75 cities in the country,” as per a Google report.

More Visual And Immersive Maps For Navigation

The company has introduced Lens in Maps and Live View walking navigation. A year after Street View was launched, Google Maps now allows its users to view and explore over 3,000 cities and towns.

Lens in Maps allows instant identification of nearby restaurants and cafes through the camera, launching in 15 cities by Jan 2024. Live View walking navigation, featuring arrows and distance markers, will cover over 3,000 cities in India, starting with Android. These innovations combine Street View imagery with advanced AI and AR technologies to provide immersive experiences.

Catering To India’s Diverse Mobility Needs

Google Maps is introducing a fuel-efficient routing feature in India for both four-wheelers and two-wheelers by January next year, promoting sustainability. This feature, already estimated to have prevented 2.4 Mn metric tons of CO2e globally, considers real-time traffic data, road elevation, and vehicle type. 

“Over the years, we have partnered with numerous local authorities towards this goal, enabling Mns of users to find information about various modes of public transport including metros, trains, and buses in over 20 Indian cities.”

For public transport users, the Where Is My Train app, used by over 80 Mn people monthly, is expanding to cover Mumbai and Kolkata Local Trains, offering information on schedule changes, delays, and platform numbers. 

In December 2018, Google acquired Bengaluru-based startup Sigmoid Labs, the company behind the app “Where is My Train”. The app was created to improve the experiences of millions of Indian train travellers through technology. 

On Tuesday, Google also announced partnerships with ONDC and Namma Yatri, which aims to bring metro schedules and bookings to users. It is expected to launch by mid-next year with Kochi Metro on Google Maps powered by Namma Yatri, followed by other metros as they join the ONDC Network. 

As per Future Market Insights, the digital map market is expected to be valued at $18.3 Bn in 2023, with a projected growth of $73.1 Bn by 2033. The market is anticipated to achieve a CAGR of 14.8% during the period from 2023 to 2033. 

Meanwhile, Google Maps rival MapmyIndia is looking to raise INR 500 Cr by issuing equity shares through a qualified institutional placement (QIP).

The post Google Unveils AI-Powered Features For Maps In India appeared first on Inc42 Media.

Mumbai-based mortgage startup Easy Home Finance Ltd has partnered with DCB Bank for a a co-lending business alliance to provide affordable home loan solutions.

The alliance aims to use DCB Bank’s expertise in affordable housing and Easy Home Finance’s tech capabilities to enable quick disbursement of affordable home loans.

In a statement, the companies said that DCB Bank has established a secure home loan portfolio across varied geographies and has built expertise in credit assessment for a range of loans such as prime home loans, affordable home loans, Loan against Property (LAP), Micro-LAP, loans for home improvement, and construction finance for developers as well. 

“The co-origination, underwriting and disbursement activities from both the parties working together will enable a seamless process for new home buyers. Easy’s asset-light model of neo banking mortgage and a greater reach for digital home loans combined with rural and urban connect of DCB Bank will help customers in faster processing of their home loan applications,” the statement added.

The alliance aims to streamline home loan processes, eliminating lengthy procedures and excessive paperwork for customers. 

Commenting on the partnership, Narendranath Misha, head-retail & agri loans at DCB Bank, said, “Our expertise in origination and credit assessment will be boosted with the expertise and digital tech of Easy Home Finance. It will enable more customers to experience the range of affordable home loan products of DCB Bank and fulfill the home ownership dreams of prospective customers in underserved geographies.”

Rohit Chokhani, managing director of Easy Home Finance, said, “As a common motive of being more customer-centric and broadening our geographical footprint, we aim to make our customers’ home ownership journey easier while offering them highly interactive digital experiences.” 

Founded in 2018 by Rohit Chokhani, Easy Home Finance offers ‘instant’ home loans to customers across the country digitally.  It raised $15 Mn in its Series A round led by Xponentia Capital Partners in July 2021. 

In December 2022, Easy Home Finance Ltd was reported to be in talks to raise $50 Mn in its Series B funding round.

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U GRO Capital, a non-banking financial company with a focus on lending to MSMEs, has raised INR 250 Cr (about $30Mn) via non-convertible debentures from FMO, the Dutch entrepreneurial development bank.

In a statement, the company said that its INR-denominated NCDs issuance was fully subscribed by FMO.

Founded in 2018 by Shachindra Nath, U GRO Capital is listed on the NSE and the BSE. It claims to have provided credit to over 80,000 small businesses over the last five years.

In a statement, the NBFC said that approximately 20% of its total borrowings are sourced from development financial institutions and impact funds, both domestically and internationally. Notable contributors include ResponsAbility, Calvert Impact Capital, Enabling Qapital, SIDBI, among others.

Commenting on the latest fundraise, Nath, founder and managing director of U GRO Capital, said, “This transaction is proof of U GRO Capital’s ability to forge partnerships with and attract funding from reputed global DFIs. We share a common vision of financial inclusion with impact funding organisations and are excited to collaborate with FMO to meet the diverse financial needs of India’s underserved MSMEs…”

The debt funding comes months after U GRO Capital raised INR 340 Cr ($41.3 Mn) from IFU, the Denmark government’s development financial institution, and long-term shareholders.

U GRO Capital reported a profit after tax of INR 28.9 Cr in the second quarter of the financial year 2023-24 (FY24), registering a 14% growth over INR 25.2 Cr profit reported in the previous quarter.  

In India, it competes with startups like Indifi and Lendingkart, and other traditional banks and NBFCs.

According to an Inc42 report, the country’s fintech market is anticipated to become a $1.3 Tn market opportunity by 2025. Of this, the lendingtech subsector is expected to account for $616 Bn. 

The post U GRO Capital Raises INR 250 Cr Debt From Dutch Development Bank FMO appeared first on Inc42 Media.

Taiwanese battery swapping major Gogoro and Pune-based Belrise Industries have reportedly decided to part ways in their $2.5 Bn (INR 20,000 Cr) joint venture for setting up a smart energy infrastructure in Maharashtra. However, Gogoro has decided to go solo in this project.

This comes at a time when Gogoro is planning to ramp up its investments in India to manufacture electric two-wheelers in the country and to build a battery-swapping infrastructure to aid these vehicles in the next few years.

Meanwhile, a Gogoro spokesperson told FE, “The original intent of the MoU was to move forward with a joint venture negotiation between Gogoro and Belrise, however, an agreement could not be reached.”

Inc42 queries sent to Gogoro did not elicit any response till the filing of this report.

In January this year, Belrise and Gogoro entered into a 50:50 partnership to invest $2.5 Bn in Maharashtra over eight years. However, Belrise opted out of the battery-swapping project, leaving its Taiwanese partner in a difficult situation. 

The joint venture, initially aimed at constructing a smart energy infrastructure in Maharashtra through a battery swapping system and smart battery stations, was expected to be a leading source for mobility and energy storage. The battery-swapping infrastructure was expected to be deployed across Maharashtra this year, leveraging Gogoro’s energy ecosystem including battery stations, swapping technologies, and network management solutions.

In June, Gogoro received an offer letter from the Maharashtra government, inviting them to engage in an ‘Ultra Mega Project’ agreement for the manufacturing of vehicles, smart battery packs, and battery swap stations. The proposed deal, valued at over $1.5 Bn, encompasses financial incentives and state support.

“Gogoro continues to form different partnerships across our broad value chain with a variety of partners. We are focused on commercialising our battery swapping system starting with Delhi NCR and Maharashtra,” the spokesperson added.

The two companies, however, are still partners for manufacturing electric scooters where the Indian company is a key supplier for the new Gogoro CrossOver range.

Belrise operates 14 manufacturing facilities and boasts a clientele of over 32 companies, including industry giants like Bajaj Auto, Eicher Motors, Hero MotoCorp, Ashok Leyland, Tata Motors, Honda, and Mahindra. In the electric vehicle (EV) sector, Belrise serves clients such as Chetak Technologies, Ola Electric, and Hero Electric, manufacturing various components including chassis, suspension, and exhaust systems, among others.

On April 21, 2021, Gogoro entered the Indian market through a collaboration with Hero MotoCorp, the country’s largest two-wheeler manufacturer. 

The joint initiative aimed to power Hero’s electric two-wheelers with Gogoro’s battery-swapping system. However, there have been no announcements regarding the progress of the project.

Having been a player in the e-mobility market since 2011, Gogoro introduced battery swapping for its e-scooters in Taiwan early on. The company went public in 2022 following its merger with Nasdaq-listed special-purpose acquisition company Poema Global.

Further, to advance its growth in India, Gogoro has commenced local production of electric scooter bikes. 

Gogoro has strategic plans to introduce three models in the Indian market: CrossOver GX250, CrossOver 50, and CrossOver S. 

Additionally, Gogoro has joined forces with other companies in India to electrify their mobility operations. For instance, in August 2023, the collaboration with Swiggy enabled the use of Gogoro smartscooters and battery-swapping infrastructure for more cost-effective hyperlocal deliveries. In November 2022, Gogoro joined forces with Zypp Electric, an EV-as-a-service platform aiming to grow its electric scooter fleet from 10,000 to 2 Lakh and expand to 30 Indian cities by December 2025.

India’s electric vehicle (EV) registrations for the current year have reached 13.29 lakh units, a significant rise from 10.24 lakh in 2022, according to Vahan data. 

The robust support from investors, including prominent backers like Peak XV Partners and Lightspeed, along with sector-focused VCs like AdvantEdge and Speciale Invest, highlights the growing EV landscape in India. Amid the ongoing funding winter, the space has managed to lap up 32 funding deals worth $780 Mn till November this year as against a total of 35 deals worth $758 Mn last year.

The post Taiwanese Battery Swapping Major Gogoro To Go Solo On Its India Plans, Parts Ways With Belrise appeared first on Inc42 Media.

Bengaluru-based coworking space provider BHIVE has acquihired product-engineering firm Praemineo to bolster its support for the fast-growing coworking and fintech businesses.

However, the company did not disclose the financial terms of the deal.

“The transaction comprises a composite structure involving both cash and equity. As part of this acquihire, BHIVE will absorb a 10-member team along with cofounders Rohit Parab and Gaurav Gandhi, who will support growth and business management at BHIVE Group,” the company said in a statement.

Commenting on the acquihire, Shesh Rao Paplikar, founder & CEO of BHIVE Group said, “As a new age organisation, BHIVE is always on the lookout to identify occupiers’ pain points and solve it through our business and technology offerings while joining hands with companies in the ecosystem where we find synergies.”

The acquihire will enhance BHIVE’s capabilities in financial management, approvals processing, issue identification, lead generation, and understanding decision-making processes. This strategic move aims to streamline the efficient management of the company’s 1.5 Mn square feet of coworking space across 25 locations and strengthen the fintech arm of the group.

Rohit Parab and Gaurav Gandhi, cofounders of Praemineo said, “With an ever-expanding portfolio of coworking spaces across Bengaluru, it becomes imperative to efficiently manage the various associated activities related to the business which is where the Praemenio team will play an active role.”

In 2023, BHIVE expanded by one million square feet, transforming its offerings. The recent acquihire is set to boost BHIVE’s business efficiencies and enhance fiscal prudence. 

In June, BHIVE unveiled India’s largest shared office space in the city, spanning 2 acres with over 8,000 seats.

In August BHIVE also announced its decision to wind up the AIF managed by Gupta and launch a new coworking-focussed category II alternative investment fund (AIF) of INR 400 Cr.

Founded in November 2014, BHIVE Group manages BHIVE Workspace and Bhive Alts. BHIVE Workspace is among the largest coworking space providers in Bengaluru and currently houses over 1000 SMEs and startups.

Currently, BHIVE operates exclusively in Bengaluru but plans to expand to six major cities in India by June 2024.

Bhive Alts, as per the company’s website, oversees assets under management (AUM) exceeding 160 Cr, with a platform that caters to over 45,000 investors. This business focuses on granting retail investors access to alternative investments.

According to a Mordor Intelligence report, the current size of the India coworking office spaces market is $1.78 Bn. It is expected to exhibit a Compound Annual Growth Rate (CAGR) of over 7% during the forecast period from 2023 to 2028.

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Union Minister of Road Transport and Highways Nitin Gadkari has reportedly said that driverless cars will not be allowed in India to protect the jobs of drivers. 

According to a report by Business Today, Gadkari said, “I will never allow driverless cars to come into India because it will take away the jobs of several drivers and I will not let that happen”.

Meanwhile, Gadkari said that if driverless cars are introduced in India then approximately 70-80 lakh people would lose their jobs instantly, creating another significant problem.

While addressing road safety concerns during the Zero Mile Samvad hosted by IIM Nagpur, Gadkari outlined several measures taken by the government to mitigate road accidents, including changes in automotive engineering such as adding six airbags in cars, reducing black spots on roads, and increasing fines through the Electric Motors Act.

“We have increased fines via the Electric Motors Act, kept ambulances and cranes so that things only become better from here. We also raise awareness every year,” Gadkari said. 

On Tesla’s entry into India, he said that the US car maker is invited to operate in India, but manufacturing in China for sales in India is not permissible. 

The statement comes at a time when Tesla is looking to enter the Indian market and also set up a manufacturing unit in the country.

Further, Gadkari emphasised the importance of hydrogen as the fuel of the future and expressed the government’s commitment to adopting advanced technology to improve public infrastructure. 

Gadkari publicly expressed his disapproval of driverless cars in the country in 2017, 2018 and 2019.

In 2019, Gadkari opposed the introduction of driverless cars in India, expressing concern about potential unemployment. He emphasised the need for employment growth, highlighting a shortage of around 22 lakh drivers in India. He asserted that addressing this shortage could play a crucial role in overcoming unemployment challenges in the country.

Earlier in December 2018, Gadkari reportedly said that driverless cars would not be allowed in India. “Presently, there are 30 lakh people who are getting employment (through the automobile industries). And in our economy, the most important thing is how to create more employment potential as our country’s population is very high,” he had added. 

In 2017, he stated that driverless cars were not a necessity in India at that time. According to him, the need of the hour was electric vehicles that were less polluting and more energy-efficient than cars running on conventional fossil fuels.

The post Driverless Cars Will Never Be Allowed In India: Nitin Gadkari appeared first on Inc42 Media.

Bengaluru-based cloud kitchen startup Curefoods, which counts Binny Bansal’s fund Three State Ventures, IronPillar, Chiratae Ventures, ASK Finance and Winter Capital among its marquee investors, has infused INR 10 Cr ($1.2 Mn) into food discovery platform Hogr in its seed funding round.

Curefoods’ latest investment comes within a week of it appointing former Tata Starbucks chief executive officer Avani Davda to its board.

Hogr will use the fresh capital to expand its outreach, refining its features and unveiling updates to elevate the overall user experience.

Founded by Jugul Thachery and Harish Harshan in June this year, Hogr allows users to discover restaurants and dishes through personalised recommendations from contacts, family, friends and fellow food enthusiasts with similar tastes. It provides tailored suggestions for informed dining choices and facilitates building a diverse food network through an easy recommendation system.

Bengaluru-based Hogr aims to revolutionise traditional dish and restaurant discovery. The app streamlines the process, making it easy for users to discover new culinary experiences and share recommendations with a social network of food enthusiasts, Curefoods said in a statement.

“We see Hogr as more than just an app. We strive to create a community where food enthusiasts come together to share the joy of discovering new dishes and places to eat, fostering social connections through this platform,” said Thachery. 

Commenting on the funding, Ankit Nagori, founder of Curefoods, said, “We have noticed that Hogr addresses and streamlines the challenge of discovering new dishes and restaurants, as well as forms a food community via peer-to-peer recommendations. This aspect intrigued us and motivated our decision to invest in this app.” 

Founded by Nagori in 2020, Curefoods houses brands such as EatFit, Cakezone, Nomad Pizza, Sharief Bhai Biryani and Frozen Bottle. The startup claims to be running over 200 cloud kitchens and offline stores that cater to over 10 cuisines across 15 cities in India.

Curefoods has so far raised around $220 Mn in funding from more than 25 investors. It is also on an expansion spree in the food sector. 

It recently acquired foodtech startup Yumlane for an undisclosed amount.

In July this year, Curefoods also made a strategic investment in Hyderabad-based millet startup Millet Express to help it expand and reach a wider audience for millet-based products. 

The investment in Millet Express came two months after Curefoods raised INR 300 Cr ($37 Mn) in a funding round led by Three State Ventures. The round was a mix of primary and secondary equity and debt.

Earlier, Curefoods acquired startups such as subscription-based home-cooked meals startup Masala Box, Indian breakfast startup Paratha Box, online confectionery chain CakeZone, biryani brand Ammi’s Biryani, pizza brands Olio and Crusto’s and online chaat brand Chaat Street.

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It has been a year of oxymorons for the Indian startup land and its incumbent. While the year was mostly bogged down in the extended wave of an unforgiving funding dry spell (aka the infamous funding winter), it also saw a spring of Indian founders rolling out their second or even third ventures.

It is imperative to mention that the year so far has seen more than 30 CXOs, including founders, switch their tracks to join other companies, float new ventures or assume new roles within existing companies. 

While many stepped down under mysterious circumstances or took an exit after their ventures were acquired or for various other reasons, the zeal of Indian founders to start afresh cannot be ignored.  

Interestingly, the trend of entrepreneurs not sticking to one particular venture in the world’s third-largest startup ecosystem is not new but became more evident with examples like Ola cofounder Ankit Bhati quitting the ride-hailing giant to focus on his SaaS venture Amnic.

The past few years have also seen eminent entrepreneurs like Kunal Shah (Freecharge to CRED), Jitendra Gupta (Citrus Pay to Jupiter), Anant Goel (Milkbasket to Sorted), et al. raise funds to start their new ventures.

However, one may ask if this trend is having any particular impact on the world’s third-largest startup ecosystem, especially investors. 

According to industry experts, investors tend to have more confidence in second and third-time founders, making them preferred choices for investment. And there is a simple explanation for this  — such entrepreneurs are already well-versed in the industry cycles and the rules of the game.

As far as the realm of the Indian startup ecosystem is concerned, such founders are more likely to succeed, without relying much on vanity metrics like valuations, and mentor new breeds of entrepreneurs entering the domain.

As we inch towards embracing new hopes for the Indian startup ecosystem with the year 2024 in sight, let’s steal a glance at some of these founders who started up again.

8 Founders Who Started Up Again In 2023

Dineout’s Cofounder Vivek Kapoor Marked His Healthtech Foray

This year, Dineout cofounder Vivek Kapoor left Swiggy to join Delhi-based healthcare financing startup AyushPay as its cofounder and chief business officer. 

The transition was also triggered by his desire to make a meaningful contribution to the Indian healthtech sector. Notably, he was AyushPay’s angel investor for a considerable period and had actively mentored the AyushPay team.

AyushPay (formerly known as DoctCo), a healthcare solutions provider, announced his appointment in July.

Founded in 2021 by Nimith Aggarwal and Col Hemraj, AyushPay provides financing and payment solutions to patients to make healthcare accessible and affordable. 

Kapoor became part of Swiggy’s leadership team after Dineout’s acquisition by Times Internet last year at a valuation of $150 Mn-$200 Mn. 

Anshuman Kumar Left Teachmint For The Love Of His Dating App

In a bid to focus on his new venture Duolop, a dating and relationship management app, Teachmint’s cofounder and CTO Anshuman Kumar quit the edtech startup in March.

“I am stepping into a new role as the founder of Duolop, a dynamic and innovative Indian app revolutionising how couples connect and grow together,” Kumar announced about his exit in a LinkedIn post.

Duolop is an app for couples, both married and unmarried, which aims to simplify the complexities of managing a relationship. It offers a private chat feature where couples can send messages, images and videos to each other and help them plan dates.

The app has already been launched on the Google Play and Apple Stores.

Founded in 2020 by Kumar, Mihir Gupta, Payoj Jain and Divyansh Bordia, Teachmint helps teachers and schools digitise their classrooms. The startup counts Lightspeed India, Rocketship.vc and Better Capital as among its marquee investors.

In November 2022, Teachmint laid off 45 employees or around 5% of its workforce. The startup’s net loss skyrocketed 24X to INR 131.70 Cr in FY22 from INR 5.52 Cr in FY21, while its operating revenue stood at INR 77.45 Lakh.

Zolostay’s Akhil Sikri Set Sail For A New Expedition

Akhil Sikri, cofounder of Zolostays, stepped away from his operational role at the coliving startup to pursue his new entrepreneurial venture.

In August, Sikri, along with his fellow directors Ketan Kapoor and Ayon Dutta, floated Quick Response Financial Technologies Pvt. 

The Bengaluru-based Quick Response engages in activities encompassing computer programming, consultancy and related services.

As per Sikri’s LinkedIn profile, he transitioned out of his active role at Zolostays in March. However, he continued to retain his position on the company’s board. His LinkedIn bio lists him as the cofounder of an upcoming, unnamed project.

Launched in 2015 by Sikri, along with Isha Choudhry, Nikhil Sikri and Sneha Choudhry, Zolostays offers affordable paying guest accommodations, service apartments and independent flats to students and working professionals via its AI-powered app.

The startup competes with the likes of Isthara and Stanza Living, among others.

On A New Adventure, GoMechanic’s Cofounders Deny To Throw In The Towel

Automobile after-sale services startup GoMechanic’s cofounders Rishabh Karwa and Nitin Rana stepped down from their roles after admitting to financial misreporting.

The story began in January this year, when GoMechanic cofounder Amit Bhasin, who continues to be associated with the startup as per his LinkedIn profile, admitted to committing “errors in judgement” regarding financial reporting while trying to pursue growth. 

While the dust is far from settled on the GoMechanic front, Karwa and Rana joined the list of founders starting up again.

Both of them are now working on two separate and unnamed new startups. 

Not much details are known about Rana’s new startup, except that his latest venture focusses on “Building Travel & Hospitality Product for Indian Subcontinent and World”.

However, Karwa has been quite vocal about starting anew, posting about the journey of building a new product and startup. His social media posts about Figma plugins and projects indicate some degree of progress. As per his LinkedIn profile, he is “building for local businesses”.

Both Karwa and Rana have not publicly announced raising any funds for their new startups till now. Now, it remains to be seen if the controversies around GoMechanic change anything for their new ventures. 

Polygon’s Cofounder Is Now The Captain Of Two New Ventures

In October, Polygon cofounder Jaynti Kanani resigned from his position at the blockchain scaling platform to focus on his new opportunities.

As per Kanani’s LinkedIn profile, he has cofounded two new startups – Mozak and Morphic. 

While Morphic is developing a platform designed to assist creators, filmmakers, and animators in producing high-quality content using AI technology, not many details are available for Mozak except that it is a Web3 platform. 

“After kickstarting Polygon in 2017, around six months back, I decided to step back from the day-to-day grind,” Kanani said in a post on X while announcing his decision to quit.

His LinkedIn profile shows that he served as the cofounder of Polygon until March 2023. 

Kanani is said to have stepped down from Polygon around the same time when the company undertook mass layoffs earlier this year. In February, the blockchain scalability platform culled 20% of its workforce as part of a restructuring exercise amid the ongoing crypto winter.

ShareChat’s Cofounders Quit To Incorporate A Robotics Startup

After quitting their first venture ShareChat in January, cofounders Bhanu Pratap Singh and Farid Ahsan established their second venture, General Autonomy, in May this year.

In November, the cofounders raised $3 Mn in seed funding from venture capital firms India Quotient and Elevation Capital for the robotics startup, General Autonomy.

Before leaving ShareChat, Singh also served as its CTO, while Ahsan held the COO’s role. The third ShareChat founder, Ankush Sachdeva, continues to be the CEO of the social media unicorn.

The cofounders’ exit coincided with ShareChat’s parent firm, Mohalla Tech, laying off 20% of its workforce or 500 individuals earlier in the year.

Founded in 2015, parent Mohalla Tech positions ShareChat as an Indic language social media platform. In 2022, it acquired Times Internet-owned social short-video platform MX TakaTak for over $600 Mn to foray into the competing short-video social space. 

Mohalla Tech’s loss jumped 38.17% year-on-year to INR 4,064.31 Cr in FY23, while operating revenue grew 62% to INR 540.21 Cr.

The post 8 Indian Startup Founders Who Started Up Again In 2023 appeared first on Inc42 Media.

The Supreme Court has refused to grant an interim relief against Goods and Services Tax (GST) demand notices to e-gaming companies Games24x7 and Head Digital Works.

As per Monecontrol’s report, the court, however, indicated that it will consider a case on the constitutional validity of the government’s decision to impose 28% GST on online gaming companies retrospectively on the full value of the bets placed, and not on the gross gaming revenue, from October 1.

Harish Salve, senior advocate for online gaming companies, urged the court to direct the government not to take action on the demand notices until the Supreme Court reviews the case. He informed the court about the constant probes by the GST department, putting pressure on the companies. 

Salve told the court that while they are providing the requisite details, any adverse order will put these companies under further pressure.

Additional Solicitor General (ASG) Venkatraman, representing the government, requested a deferral of the case hearing, citing a lack of proper instructions. Consequently, the court postponed the hearing to January 8.

This comes at a time when the online gaming space has been reeling under the impact of the recent GST changes, as per which a 28% tax would be levied on the full value of bets placed in online games, regardless of whether it involves games of skill or chance.

The online gaming industry in India is currently facing a multitude of challenges. In addition to ongoing concerns related to the Goods and Services Tax (GST) in the real money gaming sector, online gaming companies have reportedly received show-cause notices for suspected tax evasion amounting to a significant sum of INR 1 Lakh Cr.

In light of the evolving tax and regulatory environment, several online gaming platforms have taken the step to temporarily suspend their operations. Platforms such as Quizzy, OWN, and Fantok have opted to halt their operations in response to these changing dynamics.

Meanwhile, Bengaluru-based Gameskraft made a similar strategic decision by shelving its fantasy gaming offering, Gamezy Fantasy, in September.

Earlier, the parent entity of Games24x7 also received a notice amounting to INR 21,000 Cr from tax authorities.

It is pertinent to note that besides facing financial and other troubles after the implementation of the new GST regime for real money gaming in October, online gaming firms have also been receiving show-cause notices from the tax authorities for alleged GST evasion.

Further, the Indian government is thinking about creating a Group of Ministers (GoM) to set up rules for the online gaming industry and address related issues.

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Motorola, the smartphone brand owned by China’s Lenovo, is looking to double its exports from India next year by ramping up shipments to North America.

“North America is our primary export market from India. Currently, we have been exporting 20-25% of our capacity to North America, and every year, we are seeing step-ups in terms of growth. We are planning to double our exports next year (in 2024),” Prashant Mani, executive director for Asia Pacific at Motorola, told ET.

It is pertinent to note that Motorola was among the early beneficiaries of the Centre’s production-linked incentive (PLI) for mobile phone manufacturing.

The PLI for large scale electronics manufacturing was introduced in 2020. It provides manufacturers with incentives to encourage domestic production. 

Motorola is expected to have exported over 1 Mn smartphones from India, all manufactured by contract manufacturer Dixon Technologies, in 2022. By October, the company had already shipped 800,000 units.

Mani said, “If we are seeing a 50-60% growth in domestic sellouts, exports will grow faster than domestic sellouts.”

He added that exports and localisation are the two main objectives set by the Indian government for mobile phone companies. 

The report said that Motorola has most likely achieved a 50-60% domestic value addition, excluding semiconductor parts, higher than rivals like Samsung and Apple.

The development comes as a big boost to the Indian government which has been trying to make the country a global hub for electronics production, including smartphones. The Centre has also been pushing for Chinese smartphone companies, which enjoy a large share in the domestic market, to set up manufacturing plants in India and export devices from the country.

This push by the government and the ongoing tensions between Beijing and Washington have resulted in iPhone manufacturer Apple shifting some of its production to India. The company is now looking at producing iPhones worth INR 1 Lakh Cr in India by the end of March 2024.

Amid all this, Apple also became the largest smartphone exporter from India, with South Korea’s Samsung at the second place.

Meanwhile, another Chinese manufacturer Xiaomi, which is currently manufacturing wireless audio products in India, is also said to be looking to start smartphone production in the country. Tech giant Google has also announced its plans to begin production of Pixel smartphones in India.

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